Final answer:
Option b is correct; the domain of a function represents all possible input values, and the range represents all possible output values. These terms apply in mathematics to describe the scope of variables within functions, which may be numerical or descriptive depending on the context.
Step-by-step explanation:
The domain and range are fundamental concepts in mathematics, particularly in the study of functions. The domain of a function refers to all the possible input values the function can accept, while the range refers to all the possible output values that the function can produce. Answering the student's question, option b is correct: Domain represents the set of all possible input values, while the range represents the set of all possible output values. However, it's worth noting that the domain is not always a set of numerical values. For example, if we have a function where X represents hair color, the domain might be expressed with descriptive terms like {black, blond, gray, green, orange}. Similarly, when referring to economic models, a function may describe relationships that can be defined in non-numerical terms, such as 'Professor = Adam Smith'.